Ringgit Edges Higher Amid Geopolitical Caution

The ringgit marginally rose against the US dollar on September 22 as investors remained cautious ahead of key geopolitical developments this week.

Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid said the ringgit continued to be traded cautiously against the greenback due to ongoing monitoring of geopolitical events, including the United Nations General Assembly and the US-China meeting.

The recent interest rate hikes by major central banks have led markets to expect tight monetary policy until inflation reaches the 2% target, Dr. Afzanizam noted.

The ringgit traded mostly higher against a basket of major currencies, with gains against the euro and British pound, but weakened against the Japanese yen.